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Russia's Central Securities Depository Tests Blockchain Assets Exchange

Russia's national central securities depository (CSD) is working with a tech startup to test the exchange and transfer of blockchain assets.

Nov 10, 2016 at 1:18 p.m. UTC
Updated Sep 11, 2021 at 12:36 p.m. UTC

Russia's central securities depository (CSD) is working with a tech startup to test the exchange and transfer of blockchain assets.

The project is part of a broader fintech initiative conducted in partnership between the Russian National Settlement Depository (NSD) and the National Research University's Higher School of Economics. A total of 10 startups took part. NSD is working with a startup called iCoinSoft, which according to its website designs white label exchange software for cryptocurrencies.

NSD said today that it was experimenting with "the circulation of blockchain assets" and that it had already begun working in tandem with clients on the potential application.

The firm explained:

"NSD experts and the project’s team have prepared a boxed solution which supports any existing and developing assets, including more than 500 existing as of today. The iCoinSoft Exchange Platform reduces the time required to enter the market by a new platform to two weeks, and two clients have already proven it in practice."

The test is the latest for the NSD, which has to date taken a proactive approach to testing blockchain.

Earlier this year, the firm announced that it was undertaking trials of blockchain voting sytems in a bid to improve transparency. In September, it announced that it was working with Strate, South Africa's CSD, on a number of projects.

Image via Shutterstock

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